HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $23.7 million for a pair of multifamily assets in the Houston area. In the first transaction, Brandon Brown of LMI Capital placed a $10.7 million floating-rate loan for a 170-unit asset in Brazoria County. The loan carried a 3.8 percent interest rate at closing and included three years of interest-only payments. In the second deal, Jamie Safier of LMI Capital arranged $13 million in acquisition financing for a 190-unit property in Houston’s Galleria submarket. The loan was structured with a fixed 4.5 percent interest rate and two years of interest-only payments. Borrowers and property names were not disclosed.
HOUSTON — NAI Partners has secured a 27,925-square-foot industrial lease for Texas Southwest Floors Inc., at 1350 Salford Drive in Houston. Chris Kugle of NAI Partners represented the tenant, which provides flooring and granite services for new residential and commercial projects, in the lease negotiations. Ed Bane and Jon Michael of Bridge Commercial Real Estate represented the landlord.
AUSTIN, TEXAS — A joint venture between Kairoi Residential, Lincoln Property Co. and DivcoWest has secured an undisclosed amount of construction financing for 6xGuadalupe, a 66-story mixed-use tower in downtown Austin. According to the property website, 6xGuadalupe will feature ground-floor retail space, 349 multifamily units and roughly 588,000 square feet of office space. The office component also includes a 35,000-square-foot terrace and 11,500 square feet of amenities including a conference room, tenant lounge and fitness center. Construction is underway with the demolition of the existing Extended Stay hotel on the site set for Tuesday, Oct. 29. Gensler is the project architect.
OKLAHOMA CITY — CBRE has brokered the sale of a 157,000-square-foot industrial facility located on 18 acres near Interstates 35 and 240 in Oklahoma City. The buyer, Spiers New Technologies, a provider of services for advanced battery packs used in hybrid and electric car charging, occupies four buildings across the city and will consolidate its operations to the new facility. The site has the capacity to house more than 200,000 square feet of additional office and manufacturing space. Jason Hammock, Caitlin Mazaheri and John Lenochan of CBRE represented Spiers in the transaction. Allan Meadors of Cushman & Wakefield represented the undisclosed seller.
DALLAS — McCarthy Building Cos. is underway on a 141,000-square-foot expansion project in Dallas for Southwest Airlines’ Leadership & Aircrew Development Center at the company’s Dallas headquarters campus. The project will add space for eight additional flight simulators — up from its current 18 simulators — additional room for briefing rooms and space for smaller flight training devices. The opening is slated for fall 2020.
GEORGETOWN, TEXAS — A joint venture between Chicago-based Origin Investments and Austin-based F&B Capital has purchased Anatole at Westinghouse, a 250-unit apartment community located in the northern Austin suburb of Georgetown. Built on 13 acres in 2015, the property comprises 148 one-bedroom units, 96 two-bedroom units and six three-bedroom units equipped with modern appliances, quartz countertops and in-unit washers and dryers. Amenities include a pool with outdoor grilling areas, a fitness center, business center and a dog park. The seller and sales price were not disclosed.
DALLAS — Locally based financial intermediary Metropolitan Capital Advisors (MCA) has arranged a $5.1 million construction loan for a 20,700-square-foot retail property that will be located adjacent to the RedBird Mall in South Dallas. Foot Locker will occupy the space, which will be fronted by a one-acre outdoor area that will be used for outdoor athletic events. Scott Lynn and Andrew Hanzl handled the debt placement with Texas Capital Bank on behalf of the borrower, RedBird Development Group. Future phases at RedBird Mall will include the construction of several restaurant concepts neighboring the Footlocker along the perimeter of the green space.
HOUSTON — Hines and an affiliate of Cerberus Capital Management LP have purchased a 2.1 million-square-foot office complex located at 600-601 Travis St. in downtown Houston. The property at 600 Travis St., which was formerly branded JPMorgan Chase Tower, stands 75 stories, measures approximately 1.7 million square feet including 22,237 square feet of ground-floor retail space and is the tallest building in Texas. The building at 601 Travis St. was formerly branded JPMorgan Chase Center, rises 20 stories and spans about 408,000 square feet. The property at 600 Travis St. will undergo significant capital improvements, including upgrades to the lobby and common areas and the addition of a new conference center. Hines manages both buildings. The seller was not disclosed.
PLANO, TEXAS — A partnership between Dallas-based Trez Capital and Houston-based Hines has acquired a 1,603-unit self-storage facility located at 525 N Ave. in Plano. The four-building facility, which is located near the intersection of President George Bush Tollway and U.S. Highway 75, features a gross square footage of 235,400 square feet and 124 for-lease parking spaces. The new ownership plans to increase the leasable parking space by 30 to 40 percent. The transaction marks the first self-storage acquisition for the partnership, which has primarily focused on single-family development over its six-year existence.
EDINBURG AND BROWNSVILLE, TEXAS — Dallas-based developer RightQuest, n conjunction with local partnerships JTMR LLC and JJR Group Ltd, has sold a 416-unit luxury apartment portfolio located in south Texas to an undisclosed buyer. The portfolio includes the 144-unit Royal Vista in Edinburg, the 128-unit Bella Vista Phase I and the 144-unit Bella Vista Phase II in Brownsville. All properties were completed within the last six years. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction, and JLL represented the buyer.